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NAMC Macroeconomic Digest-Volume II-Econ Growth: September 2020


EXECUTIVE SUMMARY

• Real Gross Domestic Product (GDP) and Growth Rates
South Africa’ s Gross Domestic Product (GDP) declined by a massive 51.0% in the second quarter (April to June) of 2020 when compared to the first quarter (January to March) of 2020, owing to the impact of the corona virus (COVID-19) lockdown restrictions since the end of March 2020. Notably, this was the fourth consecutive decline in quarterly GDP since the second quarter of 2019. This pushes South Africa even deeper into recession, after GDP growth for the first quarter of 2020 was recorded at -1.8%, following drops of -0.8% in the third quarter of 2019 and -1.4% in the fourth quarter of 2019. The agriculture, forestry and fishing industry was the only positive contributor to GDP growth, with an increase of 15.1% and a contribution of 0.3 of a percentage point to GDP growth. The increase was mainly due to increased production of field crops and horticultural and
animal products.

Read more: NAMC Macroeconomic Digest-Volume II-Econ Growth: September 2020